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Wallace Co. 12/31/2021 Partial Trial Balance Data Sales revenue 700,000 Cash 800,000 Interest revenue 60,000 Accounts Receivable 620,000 Gain on sale of investments 110,000 Deferred

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Wallace Co. 12/31/2021 Partial Trial Balance Data Sales revenue 700,000 Cash 800,000 Interest revenue 60,000 Accounts Receivable 620,000 Gain on sale of investments 110,000 Deferred Revenue 150,000 Cost of goods sold 500,000 Dividend Revenue 20,000 Selling expense 150,000 Interest expense 40,000 Dividends 12,000 General and administrative expenses 100,000 Accounts Payable 65,000 Inventory 100,000 Wallace had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Preparo a multi-step Income Statement

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